Topic: Bitcoin Bank - Safely store your bitcoin - page 5. (Read 1305 times)

I Think storing Bitcoin in the bank is not possible and it is a flop idea. It is essential to classify holding bitcoin custody to yourself so that users have full control over their assets. But, the rise of centralized exchanges is increasing third-party involvement in Bitcoin transactions greatest to more approvals from go-betweens. In start bitcoin was firstly proposed as a decentralized currency but it has now moved to decent investment assets. In my opinion Bitcoin's original purpose was to enable peer-to-peer transactions without involving any third party but the increasing involvement of centralized exchanges and government complication in every country has raised questions about Bitcoin true goal.

We all know that Bitcoin is a non-custodial digital currency, not fiat. So Bitcoin being decentralized makes it popular and loved by everyone, and Bitcoin cannot be stored in banks.Moreover, central exchange platforms are more like centralized exchanges. So storing coins here means your coins are no longer in your custody. The coin will become owned or controlled by a third party.Where you can own your own bank through a wallet with enough security and precautions. Storing your coins in the center is at your own peril.You must know more about centralized exchanges, or KYC, and Bitcoin decentralized exchanges.

Satoshi created Bitcoin because he wanted a currency that would be free from control by any entity, so having Bitcoin in a bank goes against everything Bitcoin stands for. Also, you're not the first with such an idea, the American banks association are currently seeking SEC's approval to start keeping Bitcoinin the banks for clients. I don't mean to discourage you but if you really want to support Bitcoin, this is truly not the best way.

Really strange idea. Everyone can be his own bank now almost for free, just 1 hardware wallet

The op's idea sounds like a mix of things that people usually try to avoid when dealing with cryptos. It's centralized storage, with KYC, crazy fees for something that must be free (100 GBP + 1% holdings for KYC!), a very lengthy and difficult withdrawal process that also costs a crazy amount of money. Is this trolling?
It's not just bad. It's like the worst crypto exchange situation imaginable, short of a pure scam where a person loses everything.
People can store their Bitcoin safely and easily, with no KYC, for free, and with transactions that take minutes to hours, not months, by using something like Electrum.

You would definitely going to be rich in no time and that kind of rules and scheme wont make me comfortable in withdrawing my money.

It is going to take time and at the same time, you are charging for it.

We are our own bank if we are holding bitcoin. No fees, no waiting time and you can touch it any time as you wish.

Only those that have no idea about not having their keys and coins will be a customer of this kind of service.

Yes I agree with your opinion, The best way here is you make a bitcoin account and keep backups of it very well, save them in multiple places and keep all the bitcoins in your bitcoin account it's much better to keep. a Bitcoin address than to keep it in a bank I think. But if you keep it with the bank, then someone else in the family may either save it instead of you or take it in case of a claim.

BTC was created to get rid of banks and offer some degree of anonymity. Your idea sounds like the government. No, thank you. We have enough banks already, no need to create any more.

OP, I read all three of your ideas that you periodically post on the forum, and they are all very empty and stupid. It's good to strive for your own business, but it shouldn't be created out of thin air. Why should people pay a certain amount for something that Bitcoin does for free? On the contrary, if you entrust the storage of assets to a bank, then there is a possibility that this will create insecurity.

Minimum deposit: non custodial wallet only need 546 satoshis, while duarten86's Bitcoin bank ask for 100 GBP.

Fees: non custodial wallet doesn't charge any extra fees, it's relatively cheap depends on the network, the fees won't follow the amount. While duarten86's Bitcoin bank is asking for 2% flat.

User experience: easy just create a wallet then backup, while duarten86's Bitcoin bank ask for unnecessary information and many steps.

tl;dr Non custodial wallet beat duarten86's Bitcoin bank in everything.

I must say, this bank concept seems rather unsettling.  Storing all that cryptocurrency in a centralized location presents immense vulnerability.  Cybercriminals would surely capitalize on such an opportunity. There exist far more secure alternatives for safeguarding your coins.  This is exactly why Bitcoin was invented, so that we don't have to entrust our money to third parties.  Plus, those fees you mentioned? Yikes! 

All in all, it's a stupid idea! Sounds more like a poor scam attempt.

The people who cannot safeguard their coins are invested in Bitcoin ETF's .... and the other people can buy hardware wallets for $100+ to do the same thing or browse to the sites that offer you offline scripts to create your own Paper wallets and print them for free.

Your solution is too expensive and too complex ... and most people do not want to go through all that trouble to zoom once a month and to "dox" themselves to be able to safeguard their coins.

You should know that it is not possible to store in the bank, so if you still want to store Bitcoin through the bank, do not spread confusion with such news on the forum. Your such news may confuse many people. We who work in bitcoin of course each have their own wallet to store bitcoins different people use different wallets but in my opinion Electrim wallet is very safe you can use it if you want. But no matter which wallet you use, you must maintain the privacy of that wallet because you can't share it with anyone, so many of you may suffer from a lack of security.

Do you still remember the sole purpose of bitcoin because if you do I don't think you can asked someone to come store his or her bitcoin in bank and going through those rigorous process for them to have access to their bitcoin and you think people would buy this idea. Between you can't entrust your bitcoin wallet to anyone which includes the private keys and seed phrase to government and you must asked if that country full allowed the transaction of bitcoin (if bitcoin legal in that country)

The reason we choose bitcoin is because we do not completely trust banks, bitcoin is decentralized, bitcoin gives us full control over our assets without asking permission or depending on anyone. We don't even trust banks or governments, why should we trust you and your services? So the idea of creating a centralized system to manage people's bitcoins was always a bad idea and goes against the decentralized nature of bitcoin.

By the way, if I can't manage my bitcoins, I'd rather store them on reputable exchanges than have to use your service.  Too expensive, LOL.

That is not a nice idea to me. If anyone can not HODL Bitcoin  on there own, there is no point to involve a third party in HODL journey. HODLing is a private task  and should be done alone that's why they said "not your key not your coin" when your private key is not private then it is not safe. Or when people invest There Bitcoin in your wallet is not safe because the heart of men can be deceitful.

So basically the people will give their Bitcoins to you and they will have to trust you for keeping their BTC safe?
What's the guarantee that you won't scam them and run away with the Bitcoins?
Do you really understand the principle "not your keys, not your coins"? Do you really understand why most Bitcoiners are keeping their coins in a cold wallet, instead of trusting a centralized entity? Good luck with your "business model"? Who the hell is going to trust a newly established "Bitcoin keeping" centralized service, that requires KYC and the users have to pay for using that service?
A withdrawal taking 3 months? Why so long? Why not make it one year or five years.

Wow your charge seems high to me for someone who wants to start up a new business, your idea seems to already exist in the form of centralized exchanges although the function seems to be different, bitcoin Was not really designed to be help in banks and I don't see why you need to building such for a digital asset that is stored in a wallet a location on the blockchain, most of your customers would be those that still use centralized exchanges and are ill educated about how to store their bitcoin themselves.

A better idea would Have been to create a wallet vault that when you store bitcoin in, you won't be able to withdraw until the time that is set even with your seed phrase. Makes more sence to me.


Bro you speak as tho centralized exchanges doesn't exit which I also against what bitcoin should be all about, bitcoin gas fees are too high to use for normal p2p and most exchanges offer some discount or help reduce fees spent, and I don't even think bitcoin would have reached this level of adoption without the centralized bodies, I bought my first bought my first bitcoin through Binance, infact where I come from when you mention bitcoin what goes straight to people's mind is Binance, so we already have third parties involved in bitcoin for a long time now.

Why self custody is the best Is cause, centralized exchanges remains a target for scammers and lots of thigns could happen if you fall into a scam exchange that just came to steal, so for you not to be a victim self custody Is a better option and moreover it offers you total control over your asset without government supervision, but again centralization has well entered bitcoin cause some countries charge their customers tax over profit gained and that doesn't make sense.

Your idea might only interest people who have zero knowledge about safe safekeeping of financial assets. Many wallets can keep one's funds very safe. Your KYC issue and service charge will also be a barrier to the acceptance of your service. Exposing my passport and having a zoom meeting before my fund id released is the highest height of invasion of privacy.

I think OP want to offer a custodian service and such firms exist in the crypto industry. They offer services to clients which include secure storage and managing of digital assets. Just as you pointed out, they are third parties that cannot be fully trusted.

I think you are being sarcastic with everything you just said because everything you mentioned is what Bitcoin is against, in fact, even centralized traditional financial institutions don't have that many rules and regulations for their customers.

The idea behind Bitcoin was to create a decentralized system allowing people to send and receive money without involving a third party in the transaction, unlike mainstream financial systems. It later became more of an investment asset because of its success and growing value. Regardless, someone owning or willing to own Bitcoin wouldn't need a bank to store it for them since there are non-custodial wallets available for that purpose without any rules or regulations or limitations.